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Bitcoin built on $64,000 while equity markets reached a threshold no one had put a price on.
The S&P 500 hit a record $70 trillion in aggregate market capitalization, driven by fresh optimism that the Strait of Hormuz could reopen to oil traffic.
The thesis writes itself: geopolitical relief sends risk assets higher. What complicates it is that Bitcoin held, but equities broke out.
What moved the S&P 500 to $70 trillion The Strait of Hormuz is a chokepoint for global oil traffic, and its reopening timeline is the kind of macro development that reprices a lot of things at once.
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